Another big drop in petrol prices is expected from August 15

Pakistan may see another significant drop in petrol price from August 15, 2024 after the fall in global oil prices.

Sources say that the price of petrol may decrease by more than 9 rupees per liter while the price of high speed diesel (HSD) may decrease by up to 8 rupees 50 paise per litre. Similarly, kerosene is likely to be cheaper by Rs 12 per litre.

The final decision on the new prices will be taken by Finance Minister Muhammad Aurangzeb in consultation with Prime Minister Shahbaz Sharif.

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Earlier, the federal government had reduced the prices of petrol and high speed diesel (HSD) by Rs 6.17 and Rs 10.86 respectively for the next fortnight.

Petrol Price in Pakistan today

Currently, petrol is being sold at Rs 269.43 per liter and HSD at Rs 272.77 per litre today. Kerosene is available at Rs 177.39 per liter as against Rs 173.48 earlier in Pakistan.

Petroleum Levy

It may be mentioned here that the government is levying a petroleum levy of Rs 70 per liter on petrol and HSD, while they are exempted from General Sales Tax (GST). The Finance Bill 2024 proposes a maximum petroleum levy of Rs 80 per litre, aiming to collect Rs 1.28 trillion in the new fiscal year.

Petroleum product prices in Pakistan are changed every 15 days. Energy Minister issues notification of new prices of petroleum products on 1st and 15th of every month.